Zacks Research Upgrades First Watch Restaurant Group (NASDAQ:FWRG) to “Hold”

First Watch Restaurant Group (NASDAQ:FWRG) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

Several other equities research analysts also recently issued reports on the company. Wall Street Zen upgraded First Watch Restaurant Group from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of First Watch Restaurant Group in a report on Monday, December 29th. Finally, Barclays lowered their target price on shares of First Watch Restaurant Group from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, First Watch Restaurant Group has an average rating of “Moderate Buy” and a consensus price target of $20.91.

First Watch Restaurant Group Price Performance

FWRG stock opened at $16.58 on Tuesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.21 and a current ratio of 0.25. The business has a 50-day simple moving average of $16.34 and a two-hundred day simple moving average of $16.96. The company has a market capitalization of $1.01 billion, a P/E ratio of 207.28, a price-to-earnings-growth ratio of 3.12 and a beta of 0.88. First Watch Restaurant Group has a 52-week low of $12.90 and a 52-week high of $22.71.

Insider Buying and Selling

In related news, Director William A. Kussell sold 6,165 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $17.00, for a total value of $104,805.00. Following the transaction, the director owned 26,402 shares in the company, valued at approximately $448,834. This represents a 18.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.00% of the company’s stock.

Institutional Trading of First Watch Restaurant Group

Several hedge funds have recently made changes to their positions in FWRG. Jones Financial Companies Lllp purchased a new position in shares of First Watch Restaurant Group during the 3rd quarter valued at $30,000. First Horizon Advisors Inc. raised its stake in First Watch Restaurant Group by 207.6% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company’s stock valued at $31,000 after acquiring an additional 1,316 shares during the period. State of Wyoming purchased a new stake in First Watch Restaurant Group during the fourth quarter valued at about $64,000. BNP Paribas Financial Markets lifted its holdings in First Watch Restaurant Group by 61.9% during the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock valued at $70,000 after purchasing an additional 1,673 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in First Watch Restaurant Group by 17,042.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 5,657 shares of the company’s stock worth $85,000 after purchasing an additional 5,624 shares during the period. 96.11% of the stock is currently owned by institutional investors.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.